S&P Global Ratings raised its rating to 'A+' from 'A' on Round Lake-Brewster Independent School District (ISD) No. 2907, Minn.'s general obligation (GO) debt outstanding, reflecting our view of the considerable improvements in the district's reserves in recent fiscal years alongside a trend of strong enrollment growth. The outlook is stable. The district's rated debt is secure by its full faith and credit, unlimited-tax GO pledge. The upgrade reflects our view of the district's much strengthened reserves position and demonstrated fiscal consistency following five consecutive years of audited general fund surpluses from fiscal years 2016 through 2020, in particular, sizable back-to-back surpluses equal to 22.7% and 17.5% of expenditures in 2019 and 2020, respectively. This strong operational performance has been
